The post Solana is now rivaling Ethereum on almost all key metrics appeared on BitcoinEthereumNews.com.

A recent Syncracy thesis on Solana revealed that the blockchain had surpassed Ethereum across several metrics in the past few months. The thesis-driven hedge fund calculated Solana’s performance as a percentage of Ethereum’s. The report indicated that Solana showed signs of dominance in the crypto market and suggested that the blockchain was taking Ethereum’s market share. Syncracy data outlined that Solana’s Real Economic value, combining the chain’s transaction fees and MEV tips, was 111% against Ethereum’s. Total application volumes, stablecoin volumes, total value locked (TVL), Solana DEX volumes, and active addresses stood at 109%, 98%, 13%, 124%, and 234%, respectively, against Ethereum. The report highlighted that active addresses included those of Layer 2 chains on Solana and Ethereum.  Token Terminal data revealed the same results, with Ethereum (397.3K users) lagging behind on January 9 in active users compared to Solana (5.8 million users). Solana’s fees on January 9 stood at $4.544 million, while Ethereum’s was $3.675 million.  The hedge fund suggested in its report that Solana is mispriced, considering its scalability, increase in developer action, and infrastructure. Syncracy revealed that Solana was mispriced at 13% of Etehreum’s value when the report was published last year.  Another report by asset management firm VanEck’s subsidiary, Market Vector, agreed that Solana was severely undervalued. Market Vector explained that Solana’s market cap stood at only 22% of Ethereum’s. The report added that Solana’s outperformance over Ethereum and its layer 2 chains suggested that Solana’s price had the potential to surge in the future.  Syncracy owes some of Solana’s growth to the memecoin frenzy The Syncracy report highlighted that Solana’s total application revenue and real economic value growth depended on the chain’s financial activity. The report mentioned that a significant part of the growth resulted from the memecoin frenzy from Solana’s memecoin launcher, Pump.fun. Syncracy…

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Filed under: News - @ January 10, 2025 8:26 pm